Podcast
Questions and Answers
What is defined as money earned from working for someone?
What is defined as money earned from working for someone?
- Pension
- Commission
- Salary (correct)
- Non-monetary income
Which type of income refers to earnings that are not guaranteed?
Which type of income refers to earnings that are not guaranteed?
- Gross income
- Assured income
- Casual income
- Uncertain income (correct)
Which of the following best describes a budgeting strategy?
Which of the following best describes a budgeting strategy?
- To promote impulsive spending
- To manage money effectively (correct)
- To increase debt
- To avoid financial goals
What type of bank account is primarily used for everyday transactions?
What type of bank account is primarily used for everyday transactions?
What is the primary purpose of the UIF (Unemployment Insurance Fund)?
What is the primary purpose of the UIF (Unemployment Insurance Fund)?
What best defines an entrepreneur?
What best defines an entrepreneur?
Which factors must be considered when choosing a product or service?
Which factors must be considered when choosing a product or service?
What elements are included in the product/service specifications?
What elements are included in the product/service specifications?
What does SWOT analysis help entrepreneurs identify?
What does SWOT analysis help entrepreneurs identify?
What is the first step in the marketing process?
What is the first step in the marketing process?
Flashcards
Entrepreneur
Entrepreneur
A person who starts and runs their own business.
Target Market
Target Market
The specific group of people you try to sell your product or service to.
SWOT Analysis
SWOT Analysis
A simple tool to assess your business's strengths, weaknesses, opportunities, and threats.
Product Specs
Product Specs
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Marketing Strategy
Marketing Strategy
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Salary
Salary
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Commission
Commission
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Gross income
Gross income
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Budget
Budget
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Savings account
Savings account
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Study Notes
Entrepreneurship
- Entrepreneur: a person who starts and runs their own business
- Target market: the group of people you want to sell your product or service to.
- Product/service must meet the target market's needs.
- Product/service specifications: colour, size, shape
- Use information in situations/guidelines
- Safety information
- Equipment/machinery/tools
- Method of production/manufacturing process
- Steps
SWOT analysis
- A simple tool to help with business decisions.
- Strengths: what you do well
- Weaknesses: what you struggle with.
- Opportunities: chances to grow
- Threats: external risks/competition
- Factors that you need to consider in the choice of product/service
- Finance
- Storage
- Marketing
- Selling
- Raw materials
- Steps to promote and sell a product/service
Marketing Strategy
- Situation analysis: looking at your business current situation to understand strengths/weaknesses
- Marketing strategy: planning how to achieve your marketing goals
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Description
This quiz covers essential concepts in entrepreneurship, targeting markets, SWOT analysis, and marketing strategies. It focuses on evaluating business strengths and weaknesses, understanding customer needs, and developing effective marketing plans. Perfect for those looking to enhance their business acumen.
